N.J.S.A. 52:27D-132.3 — Definitions.

52:27D-132.3 Definitions. 2. As used in P.L.2023, c.214 (C.52:27D-132.2 et al.): "Adequate" or "adequacy" means a sum of money, however invested or held by an association of a planned real estate development, that, in accordance with the professional standards applied by the reserve specialist, architect, or engineer performing or overseeing the study, is sufficient so that the balance in the association�s reserve fund, required pursuant to section 7 of P.L.2023, c.214 (C.45:22A-44.3), will not fall below zero dollars as set forth in the association�s 30-year funding plan, prepared as part of a reserve study, regardless of whether the reserve study was conducted within five years of the effective date of P.L.2023, c.214 (C.52:27D-132.2 et al.), or conducted pursuant to section 6 of P.L.2023, c.214 (C.45:22A-44.2). "Balcony" means an extension of the interior living space of the building that extends outwards from the facade of a covered building and is exposed to the elements. "Bureau" means the Bureau of Housing Inspection in the Department of Community Affairs. "Corrective maintenance" means maintenance to be undertaken following the detection of deterioration of the primary load bearing system with the goal of remediating the condition reported by the structural inspector. "Covered building" means a residential condominium or cooperative building that has a primary load bearing system that is comprised of a concrete, masonry, steel, or hybrid structure including, without limitation, heavy timber and a building with podium decks, but not including an excluded structure. "Covered building owner" means the owner of a covered building, whose name appears of record with the county clerk or register, or the association of a common interest community. "Excluded structure" means: International Standardization Organization ISO Type 1 construction or frame-built construction with combustible walls or roofs, but not including a podium deck on which the frame-built construction is situated; a building with ancillary elements that are not part of the primary load bearing system such as, but not limited to, elevator shafts or concrete, masonry, steel, or heavy timber that the primary load bearing system does not deliver a building's load to the foundation; a building that is not a condominium or cooperative, and consists primarily of rental dwellings; or a single-family dwelling. "Podium deck" means a structural slab or deck that transfers applied loads from the structure above to the structure below. "Primary load bearing system" means the assemblage of structural components within a building comprised of columns, beams, or bracing that by contiguous interconnection form a path by which external and internal forces applied to the building are delivered to the foundation. The foundation as well as any connected or attached balconies shall be included as part of the primary load bearing system evaluation. "Structural inspector" means: a construction official, as that term is used in section 8 of P.L.1975, c.217 (C.52:27D-126), who is also an engineer licensed by the State; an employee of the bureau who is also an engineer licensed by the State; or an engineer licensed by the State who has the same qualifications required of an engineer under contract with the enforcing agency with whom the covered building owner contracts to perform inspections of covered buildings under section 3 of P.L.2023, c.214 (C.52:27D-132.4). L.2023, c.214, s.2; amended 2025, c.132, s.1.

This is the verbatim text of N.J.S.A. 52:27D-132.3, retrieved from the New Jersey Legislature's public statute corpus. Statutes are amended periodically — for the most current version, check the external source link above. Kyzer is not a law firm and this page is not legal advice.